Essien said investors needed to make long-term investments decisions as this was not an in and out thing. “Investors need to prepare properly so as to understand the local environment; investors also need to have a focus as what one wants to do. I think Africa offers great opportunities, the continent offers good returns, and though there are challenges, they are surmountable,” he said, adding that the region was anticipating much investment from the Middle East, especially through financing infrastructure development and equity.

He said his group had covered much ground in attracting talent and diversifying the business in Nigeria, adding that the company was now big on transaction services.

Essien, expected to step down as soon as his tenure ends, said his group was expecting to announce a successor in June.

He said whatever risks are identified are best viewed holistically rather than in isolation. “New market entrants will need to develop a clear risk appetite and weigh the opportunity against the cost of risk mitigation, which can be expensive,” Essien said.

He said the setting up of a risk review board would help ensure the right level and scope of ongoing risk monitoring.

He also urged investors to be prepared to engage with African countries on a long-term basis and avoid abrupt changes in investment focus because of perceived instability in certain markets.

Essien encouraged managing risks associated with doing business in Africa, including fiscal and monetary policy issues such as foreign exchange restrictions, transparency and compliance, political instability and corruption and resource and infrastructure challenges.

He also offered executives overseeing market entry strategy in Africa six key considerations that they would have to contend with. He said these, were: understanding the local business culture; assessing which markets represent the best balance of risk and reward; finding and vetting appropriate local partners; understanding local market regulations; local environmental factors; and levels of technological development.